TARRYTOWN, N.Y. , Oct. 30, 2023 (GLOBE NEWSWIRE) — via IBN — PaxMedica, Inc. (Nasdaq: PXMD), a clinical stage biopharmaceutical company focusing on the development of novel anti-purinergic drug therapies (APT) for the treatment of Autism Spectrum Disorder (ASD) and other serious conditions with intractable neurologic symptoms, today announced that as a result of its 1-for-17 reverse stock split of its common stock that became effective at 8:03 a.m. Eastern Time on October 30, 2023, its common stock will begin trading on a split-adjusted basis with the open of the market on October 31, 2023. PaxMedica’s common stock will continue to trade under the existing trading symbol “PXMD.” The new CUSIP number for the common stock following the reverse stock split is 70424C 203.
As a result of the reverse stock split, each 17 pre-split shares of common stock outstanding were automatically combined and converted into one issued and outstanding share of common stock. No fractional shares of common stock were issued to any stockholders in connection with the reverse stock split. Holders of record who would otherwise have been entitled to receive a fractional share received a number of shares rounded up to the next whole share in lieu of fractional shares.
Stockholders of record will receive information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Computershare Trust Corporation, N.A. Computershare can be reached at (800) 564-6253 or by email at [email protected].
For additional information regarding the reverse stock split, please refer to PaxMedica’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on October 30, 2023.
PaxMedica is a clinical stage biopharmaceutical company focusing on the development of anti-purinergic drug therapies (“APT”) for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental disorders, including Autism Spectrum Disorder (“ASD”), to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (“ME/CFS”), a debilitating physical and cognitive disorder. One of PaxMedica’s primary points of focus is the development and testing of its lead program, PAX-101, an intravenous formulation of suramin, in the treatment of ASD and the advancing the clinical understanding of using that agent against other disorders such as ME/CFS. For more information, visit www.paxmedica.com.
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